If you’re thinking about renting a property to tenants, you’ll also need to think about purchasing buy to let insurance.
Also known as landlord insurance, this type of cover is specially designed to meet the insurance needs of rental properties.
If you’re renting out a home to tenants, a standard home insurance will not offer a sufficient level of protection. In fact, a normal home policy would probably become invalid if you started letting the property out to paying tenants.
A buy to let insurance policy offers specialist protection to help cover you financially for a range of eventualities. For example, it could prove essential if your property was badly damaged and you needed to provide alternative accommodation for your tenants as well as the cost of repairs.
Typically, a buy to let policy will include some or all of the following:
· Legal Cover: should you need to cover any legal assistance costs.
· Landlord Liability Cover: should anyone be injured as a result of a fault at your property.
· Rent Guarantee Cover : should you be faced with a loss of rent
· Employers' Liability Cover should any of your staff get injured while working at the property.
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